Korea’s Doosan Electro-Materials eyes $20 mln yearly investment in northern Vietnam province

Doosan Electro-Materials Vietnam, under South Korean conglomerate Doosan, plans to make annual investments of at least $20 million in the northern province of Hai Duong until 2026.

The firm’s investment intention was stated during a Monday meeting of its leaders with Hai Duong Chairman Trieu The Hung during the latter’s Lunar New Year (Tet) visit to its premises Monday.

They also said that the firm will launch a new expansion plan in the northern province starting 2027.

In 2023, the firm posted revenues of $14 million and contributed $700,000 to the state budget. In line with its expansion plan, Doosan targeted annual revenue of $125 million in 2028, the leaders said, urging provincial authorities to help recruit high-skilled workers.

Hung suggested that Doosan Electro-Materials and local training units cooperate with each other to ensure that the training meets actual business demand. He also called on the firm to focus more on worker benefits including higher incomes and skill upgrades.

Doosan Electro-Materials entered Vietnam in 2021 with a total investment of $59.6 million in manufacturing flexible printed circuit boards (FPCB).

In June 2023, Doosan Corporation and Hai Duong authorities signed a memorandum of understanding to enhance cooperation in the electro-materials business. The signing took place during South Korean President Yoon Suk Yeol’s visit to Vietnam.

Under the agreement, Doosan Corporation will expand its patterned flat cable (PFC) manufacturing facility in Hai Duong province and consider further investments, contributing to job creation and growth of the local economy. Meanwhile, Hai Duong would support Doosan Corporation with tax benefits.

PFC is a next-generation electro-material which can replace conventional wiring harness that’s essential for many parts of electric vehicles including battery packs, doors, roof, seats and other automotive cables.